LIC Term Plans

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Grace Period For Premium Payment
In case you have not paid the premium within the due date there is still time for you to make the payments without payment of interest on the premium. This period is called the grace period. (With the exception of some plans)
The grace period for policies where the premium payment mode is monthly is 15 days from the due date.

The grace period for policies where the premium payment mode is quarterly, half-yearly or yearly is one month but not less than30 days.

Revival Of Lapsed Policies
If your policy has lapsed due to non-payment of premiums within the due date, the terms and conditions of the policy contract are rendered void, till you revive your policy.

A lapsed policy has to be revived by payment of the accumulated premiums with interest as well as giving the health requirements as required . (Clickhere for knowing more about the revival procedure and the different types of revival allowed)
Always keep your policy in force to ensure that your family gets their financial protection assured by your policy.

However certain concessions dependent on the term for which you have paid the premiums are available with the exception of some plans for claims concession.(Clickhere to know the concessions for delayed premium payment and for claims during the lapsed period).